Canaccord Genuity Group Boosts DigitalOcean (NASDAQ:DOCN) Price Target to $42.00

DigitalOcean (NASDAQ:DOCNFree Report) had its price target hoisted by Canaccord Genuity Group from $41.00 to $42.00 in a research note published on Monday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC restated a hold rating on shares of DigitalOcean in a research note on Monday. JMP Securities reaffirmed a market outperform rating and set a $47.00 target price on shares of DigitalOcean in a report on Monday. Oppenheimer lifted their price target on shares of DigitalOcean from $37.00 to $46.00 and gave the stock an outperform rating in a research note on Thursday, February 22nd. Finally, Piper Sandler upped their price objective on DigitalOcean from $35.00 to $38.00 and gave the stock a neutral rating in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $37.78.

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DigitalOcean Stock Performance

DOCN opened at $38.77 on Monday. The company’s 50-day simple moving average is $36.54 and its two-hundred day simple moving average is $34.46. DigitalOcean has a 52-week low of $19.39 and a 52-week high of $51.69. The stock has a market capitalization of $3.53 billion, a P/E ratio of 73.15, a P/E/G ratio of 3.23 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCNGet Free Report) last issued its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.23. The company had revenue of $180.87 million for the quarter, compared to analysts’ expectations of $178.26 million. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. Research analysts forecast that DigitalOcean will post 0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of DigitalOcean by 11.5% in the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after acquiring an additional 696,426 shares in the last quarter. Wolf Hill Capital Management LP bought a new position in DigitalOcean in the 4th quarter worth approximately $86,834,000. Van Berkom & Associates Inc. grew its holdings in DigitalOcean by 25.2% during the 3rd quarter. Van Berkom & Associates Inc. now owns 1,431,401 shares of the company’s stock valued at $34,397,000 after buying an additional 288,500 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of DigitalOcean by 7.0% during the first quarter. Principal Financial Group Inc. now owns 921,619 shares of the company’s stock valued at $35,187,000 after buying an additional 60,600 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of DigitalOcean by 36.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock worth $33,070,000 after buying an additional 241,706 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

About DigitalOcean

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DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).

Further Reading

Analyst Recommendations for DigitalOcean (NASDAQ:DOCN)

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